Editorial: Society is paying for the uncertainty

What every employee, businessman and citizen experienced on daily basis has been officially confirmed. The economy…

Editorial: Society is paying for the uncertainty | tovima.gr

What every employee, businessman and citizen experienced on daily basis has been officially confirmed. The economy has entered a new, vicious cycle of recession, after a break of a few months. The never-ending negotiations with our partners has increased the sense of uncertainty, which has consequently brought a near paralysis to all financial activities.

At the same time the dramatic restriction of liquidity in the banking system, along with the internal suspension of payments that the government has chosen in order to pay wages, pensions and the other international obligations, is leading the private economy to a dead end. Indicatively, during this period the State’s expenses were slashed by 2 billion more than the goal, with dramatic consequences for those who deal with the public sector.

Instead of improving the situation, wit is getting worse, with painful consequences on society and business activities. A recession means new redundancies, more insecurity, less revenue for businesses, employees and the State. All of this is going on when financial situation is improving in the rest of Europe and the countries that experienced similar problems to ours are seeing their economy grow, while their unemployment drops.

The only realistic way to end this decline is to finally come to a mutually acceptable agreement with our partners. With the state coffers running dry, the banks unable to even fund healthy businesses, it is clear that there is not other solution for securing liquidity than come to an agreement with out creditors. The government has the obligation and responsibility of realizing that the prolongation of the current uncertainty will result in greater impasses, with even worse effects on the economy and employees.

TO VIMA

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